The YAM（v3） made its first rebase on September 21th at 20:00 UTC. View onchain record here: https://etherscan.io/tx/0x9dac453a1f26125525ca048f96c472e2883252de974ec382d76086f19eba25a9
Gate.io detected the onchain rebase event, in which address balances increased by 1.4860013446 times and Treasury added 571,000 yUSD. Gate.io has completed the rebase according to the onchain rebasing result for gate.io users. From this time onward, we will suspend YAM(V3) deposit, withdrawal and trading half an hour before and after 8:00 AM and 20:00 UTC for YAM rebasing.
Please note, when trading reopens after each rebase, price may rise or fall drastically as a result of supply change. Please adjust your orders timely before and after rebasing to avoid unnecessarily loss.
Like AMPL, YAM updates the addresses balances using a rebasing mechanism, which updates addresses balances every 12 hours based on how far from the peg the YAM price is by calling a smart contract. On every positive rebase, the YAM also converts a portion ( 10% of the rebase amount) to stable coins as a reserve.
When YAM rebasing, Gate.io will suspend trading and update user’s YAM balance. If the updated balance is inadequate to keep the open order, the order will be cancelled. And the deposit record will also be updated according to the change ratio at blockchain. The design of YAM mechanism may further proper price into falling when the market is in a downward trend and there is risk that the price may fall below the target price. Please fully understand the project before making any investment decision.